Redeia expects to earn 500 million this year after cutting profits by 23.6% through September.

Redeia, the firm behind Red Electrica, made a net profit of €408.8 million until Septemberwhich implies a fall of 23.6% compared to last year, as the firm reported before the National Securities Market Commission (CNMV) this Wednesday. Based on the results of three quarters of the year, the network manager also confirmed his forecasts for the end of the year net profit about 500 million euros And EBITDA which is 1,300 million.

The result was largely influenced by the end of the profitable service life assets up to 98which aggravated the results of Redeia due to the negative influence 260 million euros in revenue.

In tune, turnover fell by 11.9% up to 1,364.6 million euros and gross result(EBITDA) HE 13.4% were affected up to 1.024 million euros.

If we exclude this effect before 1998, group income over this period will increase by 1.9%. while EBITDA would have grown by 3.8%, and net profit by 5.4%.

Growth of investments in REE

On the other hand, the company’s investment efforts in Red Eléctrica between January and September 2024 reached 603.2 million eurossurpassing by 18% investments made in the same period of the previous year.

Redeya noted that this momentum is on target give greater momentum to the progress of the transformation of the national energy modeland contributes to achieving the goal reach 1 billion Euro investments are planned by the company at the end of the year.

The total investment of the entire group between January and September increased to 671 million euroswhich is 8% more than in the first nine months of last year, so most of the funds were allocated to the development and strengthening of Spain’s transport network.

This item has been highlighted €525.9 million compared to EUR 463.1 million in the previous period.

Dividends

Redeia’s Board of Directors also approved the distribution interim dividend of €0.20 per shareattributed to the results of 2024.

Shareholder Remuneration Policy sets a lower limit of 0.80 euros per share in the amount of dividend accrued based on the results Fiscal years 2024 and 2025.